Madrid-based ride-hailing firm Cabify has raised $110 million in funding, the company announced Tuesday. 

Cabify plans to use the funds to accelerate its strategic plan, which includes growing its fleet in the countries where it already operates, continuing to electrify its fleet and continuing to invest in its technological innovation strategy, according to the company.

Currently Cabify operates in more than 40 cities in seven countries, including Spain, Argentina, Chile, Colombia, Mexico, Peru and Uruguay. The company has a goal of having all trips on its platform be in zero-emission vehicles in Spain by 2025 and in Latin America by 2030.

The round included participation from Orilla Asset Management and Axis, among other investors.